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Crude Oil Fluctuates on US Jobless Claims & European Debt

Crude oil fluctuated after it jumped on report about US unemployment claims. Jobless claims declined from 438,000 to 421,000 last week. They were expected to drop only to 426,000. Speculation that tax cuts will bolster US economy also supported crude.

Gains of crude were trimmed by concerns about European sovereign-debt crisis and China’s attempts to cool its economy. Fitch said in yesterday’s report that Europe’s crisis “escalated beyond the point that it can be contained”. Gains of dollar also decreased appeal of commodities, including oil.

The January contract for crude rose $0.07 to $88.44 per barrel on NYMEX. January settlement for Brent crude oil gained $0.22 (0.2 percent) to $90.99 per barrel on ICE.
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